If 2021 was the Goldilocks year of intense competition with properties selling in a few days and the market growing by 23%, 2022 has been the year of rapid interest rate rises and cost of living pressures that has slowed the selling cycle and cooled the market at different levels across the city. But Pymble has completely bucked the trend and is currently the most robust suburb for selling properties in the entire city – that’s out of 658 suburbs. WHAT’S HAPPENING IN OUR MARKET? The time it takes to sell a home is one way to measure the health of the market. For greater Sydney it took an average of 52 days for a property to sell in the 3 months to October, which was significantly higher than the 26 days for the same period in 2021. But whilst the market as a whole is slowing down, Pymble isn’t. In fact, Pymble, along with Balmain, is the fastest selling suburb in all of Sydney taking just 24 days to sell a home in the last 6 months. And interestingly, West Pymble is in second spot. The median selling price is another way to track the health of a market. In 2022 the median Pymble house price is up by 13% on last year. The contrast with other parts of Sydney is simply astounding and goes to show that properties in enviable suburbs (like Pymble) on large blocks close to the best schools with easy access to rail and shops will sell well even in tougher conditions. And having the privilege of listing and selling 32 homes in Pymble this year with an average sale price of $3.7m, I can assure you that the market is still in very good shape even if the media says otherwise. As I concluded in my 2021 end of year report, accurately predicting the market is impossible. It often does the exact opposite of what we think. But what we do know is that despite the mixed results that are being reported across media platforms about the health of the property market, the undeniable fact is that 2022 has been a very good year for Pymble property. Rowan Lazar 0412 329 789 rowan.lazar@raywhite.com
RkJQdWJsaXNoZXIy MTI3ODI1